In the ever-evolving world of cryptocurrency, the defunct exchange Mt. Gox has once again captured the spotlight. Amidst ongoing market fluctuations, this once-prominent exchange has made headlines by moving a substantial amount of Bitcoin (BTC). On December 23, 2024, a blockchain intelligence firm, Arkham, revealed through a post on X (formerly known as Twitter) that Mt. Gox had transferred an impressive $49.3 million worth of BTC.
Mt. Gox Moves $49.3 Million in Bitcoin (BTC)
The recent announcement highlighted that this significant BTC amount has been distributed into various wallets. Specifically, Mt. Gox allocated $19 million to two newly created wallets and transferred $30.6 million to a final wallet identified as 1Mvm. This marks the second such distribution by the exchange in December 2024 alone.
Interestingly, just this morning, Mt. Gox executed these transfers, further emphasizing their continued influence in the crypto space. The exchange currently holds a staggering $3.45 billion in Bitcoin.
Current Price Momentum
The market sentiment surrounding Bitcoin appears to be wavering. As of the latest trading session, Bitcoin is hovering around $95,770, reflecting a decline of over 1.35% in the past 24 hours. Additionally, the trading volume has seen a significant drop of 26%, indicating a marked shift in trader and investor activity compared to the previous day.
Previously, Mt. Gox moved $102.5 million worth of BTC into three separate wallets, which led to a price decline exceeding 10% and triggered a crypto liquidation of $1.18 billion, as reported by CoinPedia. Market experts are now speculating that similar price fluctuations could occur following this recent movement.
Bitcoin (BTC) Technical Analysis and Upcoming Levels
Delving into the technical analysis, Bitcoin is currently grappling with a critical support level at $92,000. The cryptocurrency has been consolidating within a range of $92,000 to $98,380 over the past four trading days. If the asset fails to maintain this support level and closes a daily candle below $92,000, there is a substantial risk of it plummeting to the $84,000 mark.
On the other hand, the Relative Strength Index (RSI) provides a glimmer of hope for potential upside momentum, as it hovers near the oversold territory. This suggests that a bullish reversal might be on the horizon, should market conditions align favorably.
